Sotheby’s International Realty has released their latest issue of the Significant Sales newsletter. This issue features top sales from throughout our global network including properties from a diverse range of locations such as Manhattan’s Upper East Side, Colorado, Connecticut, Australia, California and Texas. The strength of the Sotheby’s International Realty brand is on display in this issue, featuring some of the world’s most significant sales.

$18,500,000 | Sotheby’s International Realty East Side Manhattan Brokerage

New York– This exceptionally rare Upper East Side duplex, pre-war Condominium offers 8 bedrooms and 8 baths over approx. 7,500 square feet. The size and scale of a sprawling townhouse with the services and security of a white-glove service building, enter through a key-lock elevator onto a private landing with marble entrance gallery and an expansive corner great room boasting Central Park views.

$17,500,000 | Aspen Snowmass Sotheby’s International Realty

Colorado – Located in the private, gated enclave of Pyramid Point, this captivating estate is on a 5.4-acre lot with views of Aspen Highlands and Pyramid Peak. The slopes of Tiehack and the Maroon Creek Golf Course are just down the road. Features include spa area with steam room, sauna and massage, exercise room, recreation room, three bars, theater, wine room, two offices, eight fireplaces, three-car garage, large patios with fire pit, waterfall, two hot tubs, and an expansive lawn area.

$17,000,000 | Sotheby’s International Realty Greenwich Brokerage

Connecticut – This extraordinary stone Georgian home has been fully executed by the award-winning Judith Larson and Bill Gardiner residential design team. A pristine and prestigious property over 8.7-acres with two gated entrances includes an additional building site for the potential of an extensive family compound. Lush, level grounds are perfect for ardent lawns and formal gardens. Exquisite chef’s kitchen and catering kitchen by Smallbone of Devizes, herringbone floors, 12’ ceilings, 55’ indoor pool, sauna, squash/basketball court, exercise room, in-law/staff wing, fiber optics for trading floor, theater, wine cellar, generator, and more complete this ultimate Greenwich residence.

$15,000,000 | Briggs Freeman Sotheby’s International Realty

Texas – This estate is unmatched in grandeur and luxury, with a sprawling 5.3-acres and 14,139 square feet of living space. A picturesque drive along a tranquil creek reveals a truly breathtaking facade of classic stonework and slate roof. Inside reveals gold leaf accented ceilings, Venetian plaster corridors, rooms draped in rich textures of leather, hand-scraped herringbone and marble, a hidden stairway, a 2,200 bottle climate-controlled wine vault and a 10-car garage with six climate controlled spaces make this estate exceptional in every way.

According to the Boston Business Journal, the Board of Directors for the Boston Redevelopment Authority (BRA) met for their monthly July meeting, which resulted in the approval of six projects— $515 million in developments including a combined 696 housing units. These projects include housing developments in South Boston, Roxbury, Mission Hill, the Financial District and East Boston. This overhaul will create hundreds of jobs and support Boston’s economy by bringing new retail space, residential space, and tourist accommodations.

Below is a summary of the approved projects:

45 W. Third Street, South BostonA local investment firm has confirmed the redevelopment of a one acre block at 45 W. Third St. and bordered by A St., Athens St., W. Third St. and South Boston Haul Road. Currently, the space is occupied by a surface parking lot, a small residential building, and a brick industrial building that will be demolished to make way for the new units. The project will include units with private townhouse style entrances, two courtyards, parking for 109 vehicles and 3,400 square feet of ground-floor commercial space.

375-399 Chestnut Hill Avenue, Cleveland CircleFor nearly 3 years, neighbors and residents of Cleveland Circle have opposed every design National Development has proposed for the redevelopment of Circle Cinema—until earlier this month. The approved design will include over 14,000 square feet of retail space and close to 100 apartments. National Development hopes to complete construction no later than Q4 of 2016.

Walker Park Apartments, Roxbury
Known for a boarded-up house and vacant lots, Egleston Square is getting a well-deserved makeover. Approval for 49 apartments has been received for two buildings to be built. These soon-to-be apartments will be located on 67 & 80 Walnut Park and 2040 Columbus Ave.

40 Fisher Avenue, Mission HillWith support from neighborhood groups, local officials, and in partnership with the MHNHS, the proposed building at 40 Fisher Avenue has been redesigned to be one building with one, two, and three bedroom apartments. It includes ten parking spaces and eighteen bicycle spaces to encourage a greener commute.

Congress Square
What was formerly the world headquarters of Fidelity Investments in Congress Square will be transformed into retail, hotel, residential and office space. Close to all major MBTA stops, 18 residential towers, over 35 parking locations, twenty 5-star hotels and more has been proposed.

Untouched for 25 years, East Boston’s Clippership Wharf is finally awaiting a new waterfront residency. Clippership Wharf is 12-acres and sits along the historic Boston Harbor. The Boston Redevelopment Authority has approved 214 apartments, 278 condominiums and an above-ground parking area that will face the beautiful skyline.

After underperforming for much of the first half of the year, the Greater Boston housing market kicked into high-gear last month, as both sales and median selling prices of single-family homes and condominiums rose steadily on an annual basis in June, according to data from the Greater Boston Association of Realtors® (GBAR).

All major regions experienced sales gains in June, according to the National Association of Realtors® (NAR). Existing-home sales increased 3.2 percent to their highest pace in over eight years, while the cumulative effect of rising demand and limited supply helped push the national median sales price to an all-time high. Sales are currently at their highest pace since February 2007 and are up 9.6 percent above a year ago.

“With the exception of a couple of weeks around the time of graduations and the Memorial Day Weekend there’s been no real softening of interest or foot traffic among buyers this spring ,” stated GBAR President David McCarthy.

In Boston, Last month’s sales total was the fourth best on record for the month of June, and the busiest June for condo sales in eight years, surpassed only by June 2004, 2005 and 2007. Sales of detached single-family homes increased 10 percent on an annual basis in June 2015. It’s the second highest June sales total on record. Activity also improved a healthy 6.9 percent in the condo market.

Key market metrics for the month of June & year-to-date figures for Single-Family Homes Only

June 2014

June 2015

+/-

YTD 2014

YTD 2015

+/-

Closed Sales

1,683

1,853

+10.1%

5,714

5,727

+0.2%

Median Sales Price

$510,000

$526,328

+3.2%

$455,000

$478,500

+5.2%

Days on Market Until Sale

59

60

+2.0%

74

79

+7.2%

Key market metrics for the month of June & year-to-date figures for Condominiums Only

June 2014

June 2015

+/-

YTD 2014

YTD 2015

+/-

Closed Sales

1,269

1,356

+6.9%

4,845

4,482

-7.5%

Median Sales Price

$439,900

$459,900

+4.5%

$415,500

$447,670

+7.7%

Days on Market Until Sale

46

42

-10.0%

58

55

-5.7%

“If today’s home values as a true measure of buyer demand and consumer confidence in housing, than Boston area real estate has never been more desirable,” McCarthy observed.

Notably, while inventory for single-family homes and condos continued to decline from year ago levels in June, the decrease in the number of homes and condos for sale was more modest than for any other month this year, with the number of single-family listings sliding. In addition, new listings for both detached single-family homes and condos improved on a year-to-year basis last month.

Key market metrics for the month of June & year-to-date figures for Single-Family Homes Only

June 2014

June 2015

+/-

YTD 2014

YTD 2015

+/-

Inventory of Homes For Sale

4,224

3,624

-14.2%

New Listings

1,995

2,376

+18.9%

10,574

10,632

+0.5%

Key market metrics for the month of June & year-to-date figures for Condominiums Only

June 2014

June 2015

+/-

YTD 2015

YTD 2015

+/-

Inventory of Homes For Sale

2,002

1,658

-17.2%

New Listings

1,324

1,537

+16.1%

7,393

7,472

+1.1%

As the supply levels begin to improve, that will create more opportunities in the market for buyers going forward, and that’s evident from the latest pending sales data, which shows the number of single-family homes placed under contract increased 28.8 percent over the past 12 months to a new all-time monthly record of 1,952 in June. Additionally, in the condo market, pending sales improved 25 percent in the past year to 1,429 in June 2015, the highest total for any month since May 2005.

The sharp increase in home sales can be attributed in part to today’s strong local economy, record low mortgage rates and recent growth in new house hold formation. Now is a great time to sell, the demand to buy has led to multiple bidders and homes selling at or above the asking price proving this to be true.

About the Greater Boston Association of Realtors:
The Greater Boston Association of REALTORS® (GBAR) represents over 6,500 real estate professionals throughout the Greater Boston and Eastern Massachusetts area and is one of the local boards of the National Association of REALTORS® – the largest trade association in America. GBAR provides professional development courses, standard forms, legal reports and updates, brokerage counseling, legislative and regulatory representation, ethics, mediation and arbitration services, as well as recognition awards. REALTORS® subscribe to the strict Code of Ethics of the National Association of REALTORS®.

Proudly standing atop Beacon Hill at 39-41 Mount Vernon Street, in the golden reflection of the State House, Maison Vernon defines grandeur in the most elegant of American cities.

Maison Vernon offers seven impeccably-designed luxury residences which embody the essence of luxury, harmony and balance. These brand new condominium residences remain true to their rich heritage while respecting the past and redefining for the future.

Enjoy single floor living on over 2,900 square feet in these three bedroom, three full and one half bathroom residences. Each condominium offers unprecedented features incorporating the finest and most exclusive materials, the most extraordinary craftsmanship, together with state-of-the-art conveniences.

Maison Vernon is the perfect fusion of well-crafted modern European interiors with incomparable grand American architecture. The property features a fully restored historic building façade, an elegantly appointed European wrap-around staircase and grand unit entrances, 13’-9’ ceilings and private terraces ranging in size from 200-500 square feet.

The living room boasts a 50’ wide, south –facing sun-filled living area with 11 windows and 3 exposures. Other features include imported French Oak chevron flooring, hand-carved Italian marble mantles and a gas fireplace.

The expansive master suite crosses the entire rear of the property and features an en suite bathroom, large walk-in closets and a three sided glass gas fireplace. Luxurious master bathroom boasts floor to ceiling hand-selected Carrara marble, elegant bath tubs with fireplace and city views.

Maison Vernon caters to its residents with attentive personal service providing services such as 24-hour valet parking service, 24-hour concierge, car service scheduling and more.

With its central location, the residences at Maison Vernon on Beacon Hill provide unmatched proximity to all the services, entertainment, arts and culture of Boston while enjoying a life of protected tranquility and charm.

Every aspect of these brand new condominiums have been thoughtfully considered. The Bostonian-Parisian development team shares a passion for design, commitment to quality and pride in craftsmanship, which all testify to this special project.

Contemporary Life is a new sale concept originated from an increasing trend that has been observed across the 20th Century collecting categories of Prints, Photographs and Design. Wednesday, July 22, Sotheby’s will be holding their inaugural Contemporary Living auction in New York which is meant to provide a platform for people both new to and established in the worlds of art and design to material that is meant to be accessible, fresh and young.

According to Sotheby’s Senior Vice President and Chairman, Josh Holdeman, people are creating environments in which to live with objects from various discipline that resonate together rather than focusing on one singular category. Mixing and matching objects that “speak” to each other, either visually or thematically, seems to be an increasing trend in the way in which today’s modern interior is created.

The auction will showcase roughly 250 items and will feature artists and designers such as Diane Arbus, Helmut Newton, David Hockney, Andy Warhol, Ellsworth Kelly, Mies van der Rohe and George Nakashima. Featured below are some of the contemporary items up for auction:

A Boston-based development firm has proposed building a 30-story mixed-use tower in Downtown Crossing, according to the Boston Business Journal.

The proposed project is for a 305-foot high tower with 94 residential units on the top 26 floors of the 3,648 square foot parcel at 533 Washington Street. With a modern glass and zinc tower on the 26 stories above the base, the architect and design will retain the existing four-story façade which will include restaurant and “collaborate workspace uses.”

A file documented with the Boston Redevelopment Authority stated, “The project concept is for a tall, slender tower, featuring excellent interior light and sight lines, which will capitalize on — and enhance — the resurgence of the Downtown Crossing. The residential population of this area is now beginning to achieve a critical mass, and the project will contribute significantly to the emergence of a true, mixed-use downtown neighborhood.”

Located at the former site of Felt, between the Boston Opera House and Suffolk’s Modern Theatre, this new development would be just minutes from the site of Millennium Tower, a luxury condominium development currently under construction.

Dorchester has seen a tremendous amount of growth over the past few months in areas surrounding the Ashmont T Station and along Dorchester Ave. That growth continues to expand further into Dorchester as there has been a proposal for dozens of new apartments and townhouses in Uphams Corner.

According to Boston.com Dorchester Bay Economic Development Corp wants to build 80 one, two and three-bedroom apartments and six two-single family homes for sale. Also, the project will include 20,000 square feet for commercial or light industrial businesses.

This brand new project would be within an arm’s reach of the Upham’s Corner stop on the Fairmount commuter rail line on a site that was once the old Maxwell Box factory. The developer plans to acquire city and state permits for construction over the next six months with a two to three build-out period slated for the first phase of the project, the apartments.

The total project cost including the commercial space is expected to be a total cost of $36 million.

As prices continue to grow throughout the city, Dorchester is becoming more and more desirable for prospective buyers, renters and developers. For more information or to inquire about Dorchester living contact our experienced Savin Hill team at 617.825.0800

The estate is a former village comprised of approximately 37 acres with more than a dozen buildings – some dating back more than 200 years to 1812 when it was first mentioned in the French land registry.

The buildings include a main house, several guest cottages, a chapel, a workshop/garage, a staff house and more. The main house is made up of roughly 4,300 square feet and includes five bedrooms, three full and one half bathroom. Depp painstakingly restored and decorated all the houses of the village one by one over several years adding personal touch and exceptional character throughout at a cost of roughly $10 million.

Alexander Kraft, chairman & CEO of Sotheby’s International Realty France explains “Contrary to many other properties of major international celebrities, Johnny Depp’s estate has not been decorated by an interior designer, but by Johnny himself. As a consequence, the estate is not a ritzy showplace, but an utterly charming family home that truly reflects Johnny Depp’s unique character and taste. Johnny used the property extensively to get away from the Hollywood hustle, recharge his batteries and reconnect with nature.”

Additional features include two swimming pools, a gym, a skate park, a restaurant with a full professional kitchen and bar, a romantic hunter’s cabin, a painter’s studio and a children’s playroom.

The asking price for this charming property is approximately $26 million (€23.056 million). Including more than 12 bedrooms, 12 bathrooms and approximately 10,760 square feet of living space the sale will include some of Depp’s furniture, books, DVDs, art and many other personal belongings.

Johnny Depp acquired this estate in the picturesque village of Plan de la Tour, France, in 2001, and over the following 15 years spent a substantial amount of time on the property with his then partner, French actress and singer Vanessa Paradis.

Kraft concluded in stating, “Johnny has decided to sell the Plan de la Tour – property to close this chapter of his life and move on. He hopes that someone else will enjoy the property as much as he did and bring him or her the same happiness it brought him.”

For more information on this truly extraordinary property visit our website.

Warhol’s ‘One Dollar Bill (Silver Certificate) painted by hand in 1962 sold for an outstanding £20.9m

A new height has been reached at Sotheby’s as they achieved the highest total ever for contemporary art in London. The auction raised a total of £130.4m and included works from Andy Warhol, Lucien Freud and Gerhard Richter.

The total sales of £130,376,500 broke the previous record of £123.5m set earlier this year, with 49 lots sold on the night. “Bidders from across the globe were drawn to Warhol works that ripped up the rule book for 20th-century art; rediscovered Francis Bacon gems; and some of the greatest works by British artists of the last 70 years. Tonight’s achievements affirm the pivotal position of London within the international art market,” said Alex Branczik, Sotheby’s head of contemporary art.

Sotheby’s stated that 78% of the works had never previously been offered at auction which lead to such success. Two newly discovered self-portraits by Francis Bacon that had never been on public exhibition before this year sold for £30m.

Warhol’s first such work of a dollar, painted by hand in 1962, ‘One Dollar Bill (Silver Certificate)’ fetched £20.9m, exceeding its pre-sale estimate of £13-18m. A bidding frenzy powered Lucien Freud’s 2002 work ‘Four Eggs on a Plate’ to sell for £989,000, nearly ten times the pre-sale estimate of £100-£150,000. Gerhard Richter’s 1987 A B, Brick Tower sold for £14.1m.

The value of contemporary art has skyrocketed this year and according to Philip Hoffman, chief executive of the Fine Art Fund Group, “It is the most desirable market. It’s the most liquid market. It’s sexy, it’s easy to understand, you can read up on it quite fast, there’s not too much history involved.”

Each year, the National Association of REALTORS® (NAR) conducts a survey to measure the level of U.S. residential real estate sales to international clients. The report is on Existing Home Sales to resident and non-resident foreigners over the time period of April 2014 through March 2015. It provides information about the origin, destination and buying preferences of international clients.

The 2015 Profile of Home Buying Activity of International Clients reported that approximately 209,000 houses were estimated to have been sold to foreign buyers. Although the total number of homes sold declined, the dollar volume of residential sales to foreigners hit a new high in March 2015 of $104 billion dollars. This is a 13% increase from the $92 billion level during the previous time period.

The average price of a property purchased by international clients in the 12-month period was $499,600. This average is higher than the average price of $244,600 for all existing homes purchased in the U.S during that same period. The report stated that on the average, non-resident international clients paid $548,100 compared to the average purchase price of resident international clients of $450,000.

As a result of the weakening of many currencies against the dollar and decreases in economic growth in Latin America and Europe the international buyer market was reported to be weak during this time period ending in March 2015 compared to previous years.

The bulk of purchases by international clients were predominantly cash-buyers. Of the total transactions, 55% were all-cash sales. Mortgage financing tends to be a major problem for non-resident international clients due to a lack of a U.S based credit history, lack of a Social Security number, difficulties in documenting mortgage requirements and financial profiles that are different in some cases from those normally received by the financial institution from domestic residents.

Five countries accounted for 51% of purchases by foreigners. These five include Canada, China, Mexico, India and the United Kingdom. Out of these five, China is the largest country of origin of international buyers exceeding all other buyers for the first time in terms of unit purchases and dollar volume. It was reported that approximately 28% of total international sales by dollar volume were in fact from China with an outstanding $28.6 billion worth of property.

One respondent commented, “There was a big increase in cash buyers from China in million plus price range- both for personal residence and investment.”

Many Chinese buyers are strongly focused on purchasing in the west coast but in a recent survey done by Gibson Sotheby’s International Realty, a Boston based firm, more than 1/3 of their 2014 transactions with international buyers were from China proving this to be a preferred location for Chinese buyers.

The bulk of these international sales were reported to be for single-family homes intended to be used for residential purposes while others were for business, education, vacation and investment purposes.

About the NAR Research Division:
The Mission of the National Association of Realtors® Research Division is to collect and disseminate timely, accurate and comprehensive real estate data and to conduct economic analysis in order to inform and engage members, consumers, policymakers and the media in a professional and accessible manner. For more information visit www.REALTOR.org/research

*The sample of 200,000 potential respondents was random but also included approximately 5,000 REALTORS® who responded to the 2013 and 2014 surveys and provided email addresses.
*The actual number of respondents to each question varied due to non-response or because of inapplicability of some questions relative to the respondent.

New ultra wealthy individuals are buying up luxury homes around the world to further diversify their holdings, according to a new report by Wealth-X and the Sotheby’s International Realty® brand.

The joint report, Europe, Middle East and Africa Luxury Residential Real Estate Report For 2015, provides insight into the EMEA region’s luxury residential real estate market and identifies purchasing and investment opportunities for ultra high net worth (UHNW) individuals looking to diversify their holdings.
The report shows that the UHNW Residential Real Estate index tracked by Wealth-X hit a new record high of 112.1 in the first quarter of 2015, up nearly 4 percent from the fourth quarter of 2014, and 7 percent from the first quarter of 2014. This highlights the strength of the global luxury real estate sector on the back of demand by ultra high net worth (UHNW) individuals.

The index takes into account the full range of luxury residential properties that are owned by the world’s wealthiest individuals. Wealth-X data shows there are 211,275 UHNW individuals globally, who collectively own nearly US$3 trillion of real estate, equal to 10 percent of their net worth.

Below are other key findings from the report:
• The EMEA region offers purchasing and investment opportunities, particularly in Madrid, Dubai and Cape Town (three EMEA cities featured in the report), where luxury properties and strong lifestyle considerations may appeal to UHNW buyers.
• London remains the top real estate hub for the EMEA region. The city’s price per square foot (US$3,103) is nearly four times that of Dubai, six and nine times more than Madrid and Cape Town respectively.
• One-third of all premium London properties for sale (homes valued above US$1 million) are worth more than US$10 million. By comparison, Dubai has only 8 percent of its luxury properties listed in the super prime range above US$10 million.
• The less expensive price per square foot for premium real estate in Cape Town generally leads to larger houses. A luxury property in the South African city has six bedrooms on average – higher than Madrid and Dubai, the two other cities profiled in the report.

“This research offers an inside look into the global luxury real estate market,” said Gibson Sotheby’s International Realty Relocation Director, Nicole Rideout. “At Gibson Sotheby’s International Realty we are fully immersed in the trends of Boston, Cambridge and the surrounding suburbs. This data expands that knowledge by providing insight on many far-reaching markets, allowing us to better advise our global investors.”

Sotheby’s International Realty listings are marketed on the sothebysrealty.com global website. In addition to the referral opportunities and widened exposure generated from this source, the network’s brokers and clients benefit from an association with the Sotheby’s auction house and worldwide Sotheby’s International Realty marketing programs. Each office is independently owned and operated.

About Wealth-X:
Wealth-X is the global authority on wealth intelligence, providing sales, marketing, strategy and compliance solutions to clients in the financial services, luxury, not-for-profit and education sectors. Its award-winning research and thought leadership are regularly cited by the world’s media such as CNBC, Financial Times, Thomson Reuters and BBC. Wealth-X has more than 250 staff in 10 locations, including Singapore, London and New York.

About Sotheby’s International Realty Affiliates LLC:The Sotheby’s International Realty network currently has approximately 17,000 sales associates located in approximately 800 offices in 61 countries and territories worldwide. Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world.